Bitcoin ETFs Stabilize After Prolonged Outflows

US-listed spot Bitcoin ETFs posted net inflows of approximately $75.7 million during the trading week of July 13-17, according to data from SoSoValue and Farside Investors. This followed $197.4 million in the prior week, bringing July totals to around $200 million or more and snapping an eight-week streak of outflows that exceeded $8 billion.

BlackRock’s IBIT stood out as the primary driver, pulling in substantial daily figures including $136.5 million on Friday and contributing over $204 million for the week in some reports. Other funds like Grayscale’s Bitcoin Mini Trust added inflows, though offsets came from withdrawals at Fidelity’s FBTC and Grayscale’s GBTC.

The improvement follows a challenging period where June alone saw $4.5 billion in net outflows, leaving 2026 year-to-date flows still negative overall. Total assets under management have stabilized but remain below peaks seen earlier in the cycle.

Ethereum Products Outpace Bitcoin on Weekly Basis

Ethereum spot ETFs recorded $105 million in net inflows for the same week, accelerating from the prior week’s $84 million and marking the strongest weekly performance since April. BlackRock’s ETHA led the category, with notable single-day contributions such as $31.7 million on July 17 and $53.83 million earlier in the period.

This marks back-to-back positive weeks for Ethereum products after an extended outflow phase, with cumulative inflows since launch reaching roughly $11 billion. Fidelity’s FETH also contributed on key days.

Bitcoin treasury firm Bitmine added a modest 7,430 ETH while focusing on share buybacks, maintaining its position as a major corporate holder with nearly 5.78 million ETH staked for yield.

Demand Signals Remain Cautious Despite Positive Flows

While ETF inflows indicate returning interest, on-chain metrics show spot Bitcoin demand weakening. The 30-day spot demand metric has deteriorated, and new investor activity hovers near yearly lows. The Coinbase Premium Index stayed negative even as prices recovered toward $65,000, suggesting limited aggressive buying from US institutions.

Short-term holder profitability metrics also remain subdued, pointing to ongoing caution. Analysts note that capital appears to be rotating toward Ethereum, with ETH ETFs showing relatively stronger performance and the ETH/BTC ratio gaining ground.

Outlook Hinges on Sustained Momentum

Market participants emphasize that two weeks of inflows, while encouraging, do not yet confirm a structural shift. Bitcoin needs to break decisively above the $65,000–$65,500 range for broader conviction. Citi recently revised its 12-month ETF inflow forecast to zero and lowered its Bitcoin price target, reflecting tempered expectations.

Comparisons to gold ETFs highlight cycles of rapid adoption followed by drawdowns and recoveries. The coming weeks of flow data, alongside macroeconomic developments such as the Federal Reserve meeting, will be critical in determining whether the current stabilization gains traction.